Edwards, CO Cost of Living

Edwards cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

A general overview of the cost of living index for Edwards, CO is displayed above. In Edwards, CO, the overall cost of living index is 151, which is 41% higher than the Colorado average and 51% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Edwards, CO, the city's goods and services are 13% higher than the Colorado average and 14% higher than the U.S. average.

Did you know?

The cost of living in Edwards is 41% higher than the Colorado average.

The cost of living in Edwards is 51% higher than the national average.

The cost of housing in Edwards is 147% higher than the national average.

Colorado general sales tax is 43% lower than the national average.

Colorado state income tax is 108% higher than the national average.

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Compare Edwards, CO Cost of living To Other Cities

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is meant to help you compare your salary in Edwards, CO to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Edwards, CO, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Edwards, CO salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$89,401

$7,450

$2,086

$2,682

Renters

$46,056

$3,838

$1,075

$1,382

One can approximate the cost of living and the housing affordability in Edwards, CO by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Edwards, CO have a median income of $89,401. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,086 per month to avoid calamity and poverty. The renters in the city have an income of about $46,056, which would make their monthly maximum allowable rental costs $1,075.

Colorado Sales Tax

State

General Sales Tax

With Max Surtax

Colorado

2.9%

10%

Colorado Income Tax

State

Income Tax (Low)

Income Tax (High)

Colorado

4.63%

4.63%

When considering the overall cost of living expenses in Edwards, CO, it's important to take into account the sales tax for Colorado, as well as the rate for income tax in Colorado. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Colorado is 10%, and the sales tax in the state of Colorado is 2.9%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Colorado starts from 4.63% and goes up to 4.63%.

Goods & Services

Item

Edwards

National avg.

Difference

Haircut

$17.00

$14.59

16.5%

Beauty Salon

$40.00

$34.68

15.3%

Toothpaste

$3.34

$2.47

35.0%

Shampoo

$1.04

$1.02

1.8%

Movie

$9.75

$9.87

1.2%

Bowling

$5.00

$4.39

13.9%

Groceries

Item

Edwards

National avg.

Difference

Ground Beef

$4.74

$4.48

5.9%

Fried Chicken

$2.24

$1.46

53.0%

Milk

$2.19

$2.36

7.1%

Potatoes

$2.49

$3.06

18.7%

Pizza

$11.00

$9.24

19.0%

Beer

$9.19

$8.63

6.5%

Health Care

Item

Edwards

National avg.

Difference

Optometrist

$159.00

$99.78

59.4%

Doctor

$120.00

$105.03

14.2%

Dentist

$102.50

$88.70

15.6%

Ibuprofen

$8.67

$9.41

7.9%

Lipitor

$306.77

$298.50

2.8%

Housing

Item

Edwards

National avg.

Difference

Home Price

$513,000.00

$175,700.00

192.0%

Avg. Mortgage Payment

$1,716.00

$1,081.03

58.7%

Apartment Rent

$1,317.00

$920.00

43.2%

Transportation

Item

Edwards

National avg.

Difference

Gasoline

$3.00

$2.09

43.4%

Tire Balancing

$47.12

$45.29

4.1%

Utilities

Item

Edwards

National avg.

Difference

All Electricity

$152.36

$170.80

10.8%

Phone

$19.99

$28.26

29.3%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.